It’s time to take some profit in First Solar after the stock’s big run-up, according to Deutsche Bank. Analyst Corinne Blanchard downgraded First Solar shares to hold from buy. Blanchard noted that the stock is expensive after rallying 39% this year and 42% since November. To be sure, the analyst raised its price target on the stock to $230 per share from $190. The new target implies upside of 10.6%. FSLR 1Y mountain First Solar stock “We believe that this is an opportune moment for investors to look for better risk/reward elsewhere,” Blanchard wrote in a Wednesday note to clients. “We remain positive on the fundamentals of the company, given a strong backlog through the coming years, with improved [average selling price]. Yet, we believe that the current stock price … represents an expensive entry point for investors; we would see a valuation range of below $200/sh as more attractive.” Blanchard said that further expansion capacity for the solar panels company would allow the company to take more advantage of tax credits from the Inflation Reduction Act. Deutsche believes such an announcement could be a near-term catalyst that pushes the stock higher. However, Blanchard added that such a development is currently uncertain. “We would look to get more constructive if the share price sees a significant downside,” Blanchard said. Deutsche named Enphase Energy as its top long-term buy name among solar energy companies. The firm also initiated a short-term catalyst buy rating ahead of its first quarter earnings report. Enphase Energy is scheduled to announce its earnings on April 25, followed by First Solar two days later. —CNBC’s Michael Bloom contributed to this report.